Big opportunities to grow further
Bangladesh has a big opportunity to grow further but it needs to address a number of challenges for sustainable development, says a globally renowned economist.
“This is clearly a time of optimism for Bangladesh. Bangladesh's economy is growing rapidly. There are many opportunities for further growth,” said Jeffrey David Sachs, professor of economics at Columbia University, yesterday.
He was speaking via Skype at the concluding session of the day-long international conference on “New Economic Thinking: Bangladesh 2030 and Beyond” at the Radisson Blu Water Garden Hotel in Dhaka.
Dhaka Chamber of Commerce and Industry (DCCI) organised the conference to discuss issues related to investment and potential sectors of export.
Sachs said the country's economy is growing at more than seven percent and that there are a wide range of opportunities for further development.
Apart from the readymade garment sector, Bangladesh has opportunities in pharmaceuticals, tourism and agriculture sectors.
The US economist said the country is now rapidly urbanising, which is another reason for being optimistic about its economic growth.
Bangladesh's development should not be considered on the basis of its GDP growth only. The qualitative development it made in sectors like health, energy services and social inclusion of people and minority groups should also be taken into account, he suggested.
Sachs said Bangladesh is highly vulnerable to climate change and that the country should emphasise on the fundamental climate change issues.
He stressed the need for using clean and green energy. He suggested importing hydroelectricity from Nepal and Bhutan. He also criticised the Rampal coal-fired power plant.
Attaching importance to technology and ICT training, Sachs said Bangladesh needs to invest more in the science education.
Bangladesh-born British MP Rushanara Ali said that as the UK Prime Minister's Trade Envoy for Bangladesh, she would create a warm relationship between Bangladesh and the UK for more business.
She said Bangladesh was riddled with poverty, flood and political unrest when she left the country at the age of seven. But the situation has improved a lot.
Bangladesh is very resilient and determined to develop. “That is the character of this nation,” Rushanara said.
Climate change is a major challenge for the country, she noted.
“I'm delighted to see the country's increased focus on investment in infrastructure. Bangladesh has good business with the UK.”
The relationship between the two countries is very strong, she said.
Rushnara was present at an MoU signing ceremony between Bangladesh Railway and British company DP Rail Ltd on Tuesday for setting up a 240-kilometre rail line between Dhaka and Payra seaport in Patuakhali's Kuakata.
“I know the worries about Brexit. We have commitment to continue trade and investment with Bangladesh. This is our commitment. We have a long history and relationship. About half a million Bangladeshis are living in the UK. They are the ambassadors of Bangladesh,” she said.
Daan Roosegaarde, an artist and innovator from the Netherlands, delivered an inspirational speech at the conference.
“If we had not used technologies, we would have drowned.” With the help of technology, the Netherlands addressed water-related issues and developed the country, he said.
Prime Minister's Economic Affairs Adviser Mashiur Rahman said about 60-65 percent investment is made by banks and the rest comes from equity investment.
He said if equity investment does not come, foreign investment will come. “We need transparent policy in this regard. Despite global economic downturn, Bangladesh grew through increasing productivity.”
Mahbubur Rahman, president of the International Chamber of Commerce-Bangladesh, moderated the session.
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